By Anabela Sérgio (auth.)
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Extra info for Banking in Portugal
We must confess that the international ﬁnancial crisis displayed some fragility in the regulation of the ﬁnancial system in global terms. As a result, the Basel Committee on Banking Supervision introduced several proposals, as has already been mentioned, trying to intensify the quality of banks’ own funds, inserting measures of a countercyclical nature into 16 Banking in Portugal the regulation of the ﬁnancial system. The corresponding aim was to mitigate the risks resulting from excessive leverage and to adopt more demanding regulations in the framework of the Own Funds Requirements Directive.
5 Disturbances in the market for sovereign debt gave rise to negative externalities in the banking sector through several channels. First, one must bear in mind that for a long period banks were the most important investors in sovereign debt. Therefore, the wide variations and volatility experienced in prices produced substantial losses in the portfolios held by banks. Secondly, we may state that there is a positive correlation between funding conditions in the international markets and the cost of funding supported by the public sector.
Up to the Bank of Portugal’s intervention, the board of directors had 25 members, with 10 in the executive commission. 15 Compliance, risk, and internal auditing departments were dependent hierarchically on the executive committee, although with reporting obligations to the audit commission. CGD’s governance model CGD has a different background and governance story. As stated earlier, it is a state-owned bank, historically the biggest bank in the market, and has a proﬁle as the Portuguese savings bank.